The total remittances of workers in the Gulf Cooperation Council (GCC) countries to foreign destinations amounted to $131.5 billion by the end of 2023, according to the latest data released by the GCC Statistical Centre.

 

The volume of workers’ remittances from GCC countries is the highest globally, followed by remittances from the US.

 

The centre’s data indicates that the total GCC remittances for 2023 fell by approximately $500 million compared to 2022, marking a 0.4% decline. This comes after significant rises recorded in 2021 and 2022, which saw growth rates of 9.2% and 3.8% respectively.

 

Additionally, the share of these remittances as a percentage of the GCC’s Gross Domestic Product (GDP) at current prices declined from 8.1% in 2020 to 6% in 2022, before experiencing a slight increase in 2023, settling at 6.2%.-TradeArabia News Service